Nifty unfolded a blowout rally in a weekly expiry session yesterday and the index gained close to 400 points after a flat opening. The Nifty broke out of the crucial levels of 22,600 and closed at fresh all-time highs. Bank Nifty outperformed Nifty with a 1000 pt gain breaking out of its probable range as well. We expect momentum to accelerate further for upside target of 23,500. Heavy weights like HDFC Bank, Kotak Bank and TCS which has so far remained laggard are also likely to see surge of 10-15% in the coming days as broader market may trigger profit booking and rally may be concentrated to Nifty 50 Index.
Result Today – NTPC, Hindalco, United Spirits, Cochin Ship, Ashok Leyland, Antony Waste
Nifty 50 Chart
Stocks to watch
Positive Read through
- HCL Tech – acquires HP’s communications tech group assets for $225 mn.
- Sun Pharma shareholders approve merger of Taro pharma & Co.
- UPL, Aarti Ind – form JV co, Augene Chem to manufacturing & market specialty chem.
- Indigo – 6th consecutive quarter of profitability, revenue up 26 pct YoY.
- JK lakshmi – EBITDA up 46 pct, margin at 16.8 pct vs 11 pct YoY.
- Zee Ent- seeks termination fee of $90 m from culver max & bangla entertainment (sony).
- Brigade Ent- signs JDA to develop a proj in bengaluru, gdv at ₹720 cr.
- Fortis Health- margin at 21 pct vs 16.5 pct, hospitals biz rev up 10.3 pct YoY.
- Honasa- EBITDA vs EBITDA loss, underlying volume growth at 27 pct YoY.
- Navin Fluorine: company unit executed five year material supply agreement for supply of a fluoro intermediate for novel agrochemical product, investment required at Rs.. 150 mn.
- SML Isuzu: net profit at Rs. 52 cr vs Rs. 27 cr, revenue at Rs. 680 cr vs Rs. 583 cr.
Negative Read through
- Landmark Cars- EBITDA down 12 pct, margin at 6.25 vs 7.1 pct YoY.
- Mangalore Chem – EBITDA down 71.6 pct, margin at 4.6 pct vs 11 pct YoY.
- Orchid Pharma – EBITDA down 27.2 pct, margin at 13.3 pct vs 18.9 pct YoY.
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